3.0.0 1841 2023-01-11T13:30:03Z 2023-01-11T13:30:03Z Senate S 2015-07-22 114 ssju00 Judiciary Committee Senate Standing Referred to 2015-07-22T23:21:51Z Taxpayer Protection and Responsible Resolution Act 114 1840 S 2015-07-29 Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held. Related bill CRS Financial Services and General Government Appropriations Act, 2017 114 5485 HR 2016-07-12 Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 557. Related bill CRS Financial Institution Bankruptcy Act of 2016 114 2947 HR 2016-04-13 Received in the Senate and Read twice and referred to the Committee on the Judiciary. Related bill CRS Financial CHOICE Act of 2016 114 5983 HR 2016-12-20 Placed on the Union Calendar, Calendar No. 693. Related bill CRS 2015-07-22 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S5464-5468) IntroReferral 2015-07-22 Introduced in Senate IntroReferral 10000 9 Library of Congress C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX N T000461 Sen. Toomey, Patrick [R-PA] Patrick Toomey R PA J. 2015-07-22 True Finance and Financial Sector Banking and financial institutions regulation Bankruptcy Contracts and agency Corporate finance and management Judges Licensing and registrations Securities Finance and Financial Sector 00 2015-07-22 Introduced in Senate 2016-03-09T20:20:35Z Taxpayer Protection and Responsible Resolution Act

This bill amends federal bankruptcy law with respect to a "covered financial corporation" incorporated or organized under any federal or state law (other than a stockbroker, a commodity broker, or a domestic or foreign insurance company or financial institution meeting certain criteria) that is: (1) a bank holding company; or (2) a corporation that exists for the primary purpose of owning, controlling, and financing subsidiaries predominantly engaged in activities that are financial in nature or incidental to such an activity.

The bill adds "Chapter 14 - Liquidation, Reorganization, or Recapitalization of a Covered Financial Corporation," setting forth requirements and prohibitions regarding: (1) commencement of a case concerning a covered financial corporation; (2) a special trustee and bridge company; (3) special transfer of the property of the estate in bankruptcy; (4) treatment of qualified financial contracts and affiliate contracts; (5) licenses, permits, and registrations; (6) exemption from securities laws; and (7) inapplicability of certain avoiding powers.

A court may convert a case under chapter 14 to chapter 7 (Liquidation) if certain conditions are met.

The Judicial Code is amended to require the Chief Justice of the United States to designate at least 10 bankruptcy judges to be available to hear a bankruptcy case under chapter 14 .

The bill prescribes requirements for assignment of bankruptcy judges to chapter 14 cases.

No funds appropriated to the federal government may be paid to a covered financial corporation or to any of its creditors to satisfy a claim in a case under chapter 14.]]>

Taxpayer Protection and Responsible Resolution Act Display Title Taxpayer Protection and Responsible Resolution Act Official Title as Introduced A bill to amend title 11, United States Code, to provide for the liquidation, reorganization, or recapitalization of a covered financial corporation, and for other purposes. Introduced in Senate IS Short Titles as Introduced Taxpayer Protection and Responsible Resolution Act Introduced in Senate 2015-07-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s1841is/xml/BILLS-114s1841is.xml 2015-07-22 Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S5464-5468) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.